Once you've finished trawling the estate agents, and the various properties that fit your budget and needs, you're ready to make an offer. So how do you do it?
The first step is to assess what you think the property is truly worth?
Don't feel scared to offer less than the properties asking price, many agents market properties at a certain figure with the owners expecting offers around a certain lower level. There are a number of factors to consider when making the offer, factors such as any rival potential purchasers? Length of time the property has been on the market? Any work the property needs? Your maximum budget etc, etc.
Reached a figure? Now you need to contact the estate agent, you can either do this via telephone or in person by calling into the agents offices.
When putting your offer across, it is standard practice to make your offer is subject to contract, valuation and survey. This means your not legally bound to buy the property and this covers you in case you cannot go proceed with the purchase, incase something should happen such as; if your survey advises against proceeding, if you cannot get a mortgage or if you change your mind for any other reason.
It is common to make your offer verbally, in some circumstances you may be asked by the agent to put your offer in writing.
Once your offer is in, you have to play a waiting game and wait for the agent to contact you with news of the vendors decision on your offer.
Your offer will either be accepted, rejected or in some circumstances you'll have to wait until other potential buyers have made their offers.
